* NYSE Euronext says clients had by 09:30 am EDT to appeal decisions on errant trades
* CBOE Holdings says its review of specific trades is completed
CHICAGO Aug 21 (Reuters) - U.S. options exchanges on Wednesday wrapped up their review of a flood of erroneous options trades that roiled the market the previous day, and were linked to a computer trading glitch at Goldman Sachs Group .
But it remained unclear how many trades were being canceled. The exchanges can adjust prices or nullify, or "bust," any trades they determine were made in error. Trades can also be contested by customers.
On Tuesday, Goldman Sachs said its losses will not be material from the technical problem that affected options on stocks and some exchange-traded funds with listing symbols beginning with the letters H through L.
Exchanges have their own rules for the appeal process. Exchanges will typically delete a price that is wildly out of range, but as it gets closer to the bid-ask quotes, then it is less certain that the exchange will cancel it, said a source familiar with the matter who declined to be identified.
Exchange operator NYSE Euronext has completed a review of the erroneous trades on its two option venues NYSE Amex Options and NYSE Arca on Tuesday and on Wednesday morning.
Its customers had until 9:30 a.m. EDT on Wednesday to appeal the decisions made by the exchange operator, NYSE Euronext said in a trader notice on Wednesday. The process involves the examination of each trade and then the participants will be notified if the trades will be canceled or adjusted in price.
NYSE Amex options exchange said "it may be some time" before participants know that voided positions in some of those trades are in the records of the OCC, which clears all listed options trades.
Exchange operator CBOE Holdings Inc said it had completed its review of specific trades that took place on Tuesday from 8:30 a.m. to 8:41 a.m. CDT on the Chicago Board Options Exchange and the C2 options market. CBOE said the affected parties have been notified. No other details were given on a notice on its website.
Nasdaq OMX Group declined to comment.
The technical problem was related to Goldman's "trading axis" - an internal system that monitor's the bank's inventory to determine whether it should be a more aggressive buyer or seller in the market, according to the source familiar with the matter.